PSYCHOLOGICAL IMPACT: Even though Pakistan is not an oil producer, crude prices were driven back toward all-time highs in the wake of Benazir Bhutto's assassination
World oil prices eased on Friday in late profit-taking after a rally on Thursday supported by concerns over the murder of Pakistani opposition leader Benazir Bhutto and tight US energy reserves.

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ADVANCING BENCHMARK: The MSCI Asia Pacific Index rebounded from a slide of 6.8 percent in the past two weeks, but is set for its smallest annual gain in five years
Asian stocks gained this week, led by commodities companies after gold and oil prices climbed. BHP Billiton Ltd and Nippon Steel Corp advanced.

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Asian currencies such as the Malaysian ringgit and Korean won strengthened this week on speculation the region will attract more overseas investors next year as economic growth accelerates.

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The euro crossed US$1.47 on Friday amid persistent speculation that poor US economic data could force the Federal Reserve to cut interest rates next year, dealers said.

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European shares ended a three-session winning streak on Friday on the last full trading day of the year, as traders failed to find inspiration after gloomy economic data on both sides of the Atlantic amid thin volumes.

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US stocks enter a new year this week on a cautious note, as investors face rising concerns about the economy and a raft of economic data, including the important monthly employment report.

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NASTY SURPRISE: US government data released on Friday showed a 9 percent fall in sales of new homes in the US last month as buyers struggled to secure financing
The US housing market plunged deeper into despair last month, with sales of new homes plummeting to their lowest level in more than 12 years.

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LOW POINT: Both US and Japanese manufacturers are headed for a less than robust year as a weak US economy reduces sales, market watchers said
Industry analysts are predicting a lackluster end to an already dismal year for automakers in the US, likely the worst in nearly a decade.

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Netscape Navigator, the world's first commercial Web browser and the launch pad of the Internet boom, will be pulled off life support on Feb. 1 after a 13-year run.

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Hollywood studios said on Friday that striking writers have now lost more in salary and benefits than they had hoped to gain by walking off the job.

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Town governments, school districts and other municipalities looking to borrow money got a new option when trying to insure their bonds: billionaire investor Warren Buffett.

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■ PETROCHEMICALS

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